Bitcoin(BTC) Price Analysis: These May be the Price Targets for the Weekend

4 Aug, 2022•2 min read•Analytics

Bitcoin(BTC) pierce at the press time is trading around $23,088.04 with a drop of 1.82% in the past 24 hours. While the asset has recorded marginal gains in the past 7 days of 0.24% and surged more than 17.93% in the past 30 days. The market cap is also heading strongly towards $450 billion, currently residing at $441.25 billion with a daily trading volume of $24.36 billion.

Bitcoin (BTC) Price Analysis

BTC price ever since dropped hard during the mid-June rebounded and trading within ascending parallel channel

The asset experienced a couple of rejections, in attempting to breakout form the parallel consolidation

However, the asset appears to have halted just before reaching the middle bands of the channel and hence may flip and reach the resistance close to $25,000 until the weekend

As the price reaches close to these levels, the fear of rejection may haunt the rally and hence if the bulls maintain their stability, then the asset may bounce back after a brief pullback

Therfore, by the end of the week, the BTC price is expected to surge beyond the local highs at $24,600

Bitcoin (BTC) Technical Analysis

Technical Indicators

Pivotal Levels

Bitcoin’s (BTC) price is extremely bearish in the short term as most of the indicators are pointing towards a ‘Sell’ signal. However, the asset is expected to stabalize in the next couple of weeks as the long-term projections display a neutral behaviour.

Source